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Business Savings Accounts

 

Statement Savings Account

Statement Savings Accounts will be offered by Farmers National Bank with the following provisions:

  • No new savings accounts shall be opened with a balance of less than $100.00.
  • A fee of $7.50 will be assessed each calendar quarter on inactive accounts. Inactive accounts are defined as those savings accounts which have no activity other than the posting of interest for twelve (12) months. This charge may be waived where deemed appropriate.
  • Set up as a Statement Savings with a quarterly statement
  • Combined Monthly Checking/Savings Statement (available upon request)
  • Earns interest and annual percentage yield (APY) at the posted FNB Statement Savings Rate. The rate and APY are variable and may change at the discretion of the Bank any time.
  • The daily balance method is used to calculate the interest on this account. This method applies a daily periodic rate to the principle balance in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
  • Interest will not be compounded. Interest will be credited to the account semi-annually. If the account is closed before interest is credited, the accrued interest will not be paid to the account.
  • Fee for closing a savings account open 90 days or less: $15.00
  • Fee for withdrawals in excess of 6 per quarter: $1.00 per withdrawal
  • Returned Debit Items: $30.00 for each returned debit item.

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Tiered Money Market Account

While corporations and partnerships cannot earn interest on their checking accounts, they are eligible for Money Market accounts. FNB’s Money Market Account will allow your business to earn interest on funds while maintaining a high level of liquidity.

FNB offers a Money Market Account with limited access, with a maximum of six transfers per month including those done via the Internet. Transactions in person, by messenger or ATM are not limited. The terms and benefits include:

  • $2,500 minimum to open
  • No more than six pre-authorized, automatic, or third party transfers per month will be permitted. (If a customer repeatedly violates these provisions, the bank will convert the account to a FNB Commercial Checking Account.)
  • Combined statement available upon request
  • Free FNB Online Banking Business Edition (FNB Business Bill Pay not available with this account.)
  • Earns interest and annual percentage yield (APY) at the posted FNB Money Market rate, dependent upon the applicable tier. The rate and APY are variable and may change at the discretion of the Bank at any time.
  • To obtain the stated APY, the customer must maintain a minimum balance of $2,500.
  • The daily balance method is used to calculate the interest on this account. This method applies a daily periodic rate to the principle balance in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
  • Interest will not be compounded. Interest will be credited to the account every month. If the account is closed before interest is credited, the accrued interest will not be paid to the account.
  • MasterCard Debit Card/ATM card not available with this account .
If the minimum balance
during the month was:
The monthly charge & interest paid is:
$2,500.00 and Over
No Charge, Interest Paid at Posted Applicable Money Market Tier Rate
$1,000.00 to $2,499.99
No Charge, Interest Paid at Posted NOW Account Rate
Below $1,000.00
$7.50 / month

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